TechFlow, October 21 — According to RTHK, in response to media reports that tech firms including Alibaba's Ant Group and e-commerce giant JD.com have paused their plans to issue stablecoins in Hong Kong, the Hong Kong Monetary Authority (HKMA) stated it "does not comment on market rumors."
HKMA Chief Executive Eddie Yue previously indicated that the threshold for stablecoin licensing is high. Issuers must demonstrate practical use cases and meet requirements regarding reserve asset management, stability mechanisms, redemption policies, and anti-money laundering compliance. Only a small number of applicants are expected to receive licenses. As of the end of September, 36 institutions have submitted applications for stablecoin licenses, with the first batch of licenses expected to be issued by early next year.
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